Why does minimum wage affect teenagers more negatively than other age groups?
a. They are too young to be hired for minimum-wage jobs.
b. They are not experienced enough to get minimum-wage jobs.
c. They are choosy about the jobs they take, so they turn down minimum-wage work.
d. They prefer focusing on school than work that pays a minimum wage.
b. They are not experienced enough to get minimum-wage jobs.
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A firm is hiring resources X, Y, and Z in the profit-maximizing amounts when:
A. MRP x /P x equals MRP y /Py equals MRP z /P z equals 1. B. the sum of the MRPs of the three resources is at a minimum. C. the marginal revenue productivity of all three resources is the same. D. the marginal revenue product of the last dollar spent on each of the three resources is the same.
Refer to the figures. Which figure(s) represent(s) a situation where prices are sticky?
A. A only.
B. B only.
C. Both A and B.
D. Neither A nor B.